智通财经APP讯，中国中铁(00390)发布公告，近期，本公司中标以下重大工程： 上述工程中标价合计约人民币432.92亿元，约占本公司中国会计准则下2024年营业收入的3.74%。 | | | 单位: 万元 | 而神: | 人民币 | | --- | --- | --- | --- | --- | | 序号 | 中标单位 | 中标项目 | 本公司中标 金额 | 工崩 | | 铁路工程 | | | | | | | 中铁一局、中铁 | 董家口至五莲铁路及胶新铁路扩能改造工程站 | 642. 713 | 913 日历天 | | l | 四局、中铁十局、 | 前工程 DWSG-1 标段、DWSG-2 标段、DWSG-3标段、 | | | | | 中铁上海局 | DWSG-5 标段 | | | | 2 | 中铁四局、中铁 | 新建六安至安庆铁路站前及四电相关工程 | 614. 795 | 1826 日历天 | | | 上海局 | LQZQ-1 标段、LQZQ-4 标段 | | | | ﻟﺒﺎ | 中铁四局、中铁 | 新建宜昌至需德铁路湖南段站前工程 YCHNZQ-3 | 596, 516 | 1461 日历天 | | ...

| 11 中铁六局 | G217 线莎车至塔什库尔干县公路建设项目(第一 | 103, 002 | 60个月 | | --- | --- | --- | --- | | | 批次)施工第 ST-11 标段 | | | | 市政及其他工程 | | | | | 中国中铁、中铁 | | | | | 12 | 一局、中铁隧道 广西南宁市邕北灌区工程施工II标 | 136. 285 | 2253 日历天 | | 局 | | | | 上述工程中标价合计约人民币432.92亿元，约占本公司中国会计准则下2024年营业收入的3.74%。 中国中铁（601390）(00390)发布公告，近期，本公司中标以下重大工程： | | | 里付: 门工 | 巾秤:人民巾 本公司中标 | | | --- | --- | --- | --- | --- | | 序号 | 中标单位 | 中标项目 | | 工期 | | | | | 金额 | | | 铁路工程 | | | | | | | 中铁一局、中铁 | 董家口至五莲铁路及胶新铁路扩能改造工程站 | | | | 1 | 四局、中铁十局、 | 前工程 DWSG-1 标段、DWSG-2 标段、DW ...

南财智讯1月29日电，中国中铁公告，近期公司中标以下重大工程：铁路工程包括董家口至五莲铁路及 胶新铁路扩能改造工程站前工程DWSG-1标段、DWSG-2标段、DWSG-3标段、DWSG-5标段，中标金 额64.27亿元；新建六安至安庆铁路站前及四电相关工程LQZQ-1标段、LQZQ-4标段，中标金额61.48亿 元；新建宜昌至常德铁路湖南段站前工程YCHNZQ-3标段、湖北段站前工程YCHBZQ-3标段，中标金额 59.65亿元；广州东站改造及广州东至新塘五六线施工总价承包WLXSG1标段、WLXSG5标段、 WLXSG6标段，中标金额48.10亿元；新建波密至然乌铁路站前工程BRZQ-1标段，中标金额47.58亿 元；新建重庆至黔江铁路重庆站站房及配套综合交通枢纽工程CQZSG-3标段、CQZSG-4标段，中标金 额30.23亿元；北京市郊铁路东北环线工程施工总价承包ZQ-2标段、ZQ-6标段、RD标段，中标金额 26.46亿元；新建焦作至平顶山铁路站前工程JPZQ-9标段、JPZQ-10标段，中标金额22.44亿元；公路工 程包括G4001连接线工程1标段，中标金额31.66亿元；G0611线川主寺至汶川 ...

Core Insights - The focus of the article is on the emerging growth area of Dongjiakou in Qingdao, driven by significant investments in port and railway infrastructure, which are expected to reshape the city's economic landscape and enhance its industrial capabilities [2][5][14]. Investment and Infrastructure Development - Qingdao Port announced a total investment of 15.7 billion yuan for two major terminal projects in Dongjiakou, including the construction of the eastern container terminal and a general cargo terminal [2]. - The Dongjiakou to Wulian Railway and the expansion of the Jiaoxin Railway have received preliminary design approvals, with a total investment of 17.577 billion yuan, indicating readiness for bidding and potential commencement within the year [2][7]. Port Capacity and Strategic Importance - Dongjiakou Port is already a major hub, with a projected throughput of 220 million tons in 2024, featuring the world's largest 400,000-ton ore terminal and a 300,000-ton oil terminal [6]. - The new container terminal, with an investment of 9.097 billion yuan, aims to alleviate congestion at the existing Qingdao Port, particularly for container handling [6]. - The general cargo terminal, with an investment exceeding 6.6 billion yuan, will support the transfer of various cargo types from adjacent ports, enhancing service for local industries [6]. Economic Zone Development - The Dongjiakou Economic Zone is positioned as a key area for industrial development, focusing on integrating port operations with industrial growth [11]. - The zone is expected to become a new industrial hub, with significant investments in high-end chemicals and food processing, including a notable project by Louis Dreyfus Company with an investment of approximately 7 billion yuan [12][13]. Future Growth and Urban Shift - The development of Dongjiakou is anticipated to shift Qingdao's urban focus westward, emphasizing industrial growth over population expansion [15]. - The successful resolution of transportation bottlenecks and the establishment of large-scale projects are expected to solidify Dongjiakou's role as a new growth engine for Qingdao [14].

Investment Rating - The report initiates coverage with an "Outperform" rating for China Railway Group Limited (00390) [1][7] Core Insights - The report highlights that the company's valuation is expected to recover due to the optimization of financial statements and the performance of its resource segment [6][18] - It emphasizes the improvement in new contract signings and the robust backlog of orders, ensuring stable long-term growth [6][16] - The resource segment is noted for enhancing profitability and cyclicality resistance, with significant reserves of copper, cobalt, and molybdenum [6][25] - The report points out the attractive dividend yield of H-shares compared to A-shares, indicating a clear discount in valuation [6][33] Financial Data and Profit Forecast - Revenue projections for 2023 to 2027 are as follows: - 2023: 1,263.41 billion RMB - 2024: 1,160.31 billion RMB - 2025E: 1,156.73 billion RMB - 2026E: 1,164.20 billion RMB - 2027E: 1,179.18 billion RMB - The expected growth rates are: - 2023: +9.45% - 2024: -8.16% - 2025E: -0.31% - 2026E: +0.65% - 2027E: +1.29% [5][36] - Net profit attributable to ordinary shareholders is forecasted as follows: - 2023: 33.48 billion RMB - 2024: 27.89 billion RMB - 2025E: 25.16 billion RMB - 2026E: 24.95 billion RMB - 2027E: 25.85 billion RMB [5][36] Order and Contract Insights - The company has signed new contracts amounting to 2.73 trillion RMB in 2021, 3.03 trillion RMB in 2022, 3.10 trillion RMB in 2023, 2.72 trillion RMB in 2024, and 1.58 trillion RMB in 2025 (Q1-Q3), with a year-on-year growth of +4.7%, +11.1%, +2.2%, -12.4%, and +3.7% respectively [6][16] - As of Q3 2025, the company has a backlog of contracts worth 7.54 trillion RMB, ensuring stable revenue for the upcoming years [6][16] Resource Segment Performance - The resource utilization segment's revenue from 2021 to 2025 (Q1-Q3) is as follows: - 2021: 5.96 billion RMB - 2022: 7.50 billion RMB - 2023: 8.37 billion RMB - 2024: 8.16 billion RMB - 2025 (Q1-Q3): 6.22 billion RMB - The segment's gross margin is reported at 59.45% for 2025 (Q1-Q3) [6][25] Valuation and Market Comparison - The report suggests a target market capitalization of 999 billion RMB for 2026, translating to 1,102 billion HKD, indicating a potential upside of 16.6% from the current market cap of 945 billion HKD [6][41] - The report compares the company's valuation with peers, noting that the average PE for comparable companies is 4.2X for 2025 and 4.0X for 2026 [6][41]

Core Viewpoint - China Railway Construction Corporation (CRCC) has recently won bids for eight major projects, with a total value of 49.629 billion yuan, accounting for 4.65% of the company's audited revenue for the fiscal year 2024 [2][6][7]. Project Details - The projects include: 1. New Hefei to Chizhou Railway, with a contract value of 6.684 billion yuan and a duration of 1,279 calendar days [6]. 2. New Wenzhou to Fuzhou High-Speed Railway (Fujian Section), with a contract value of 11.436 billion yuan and a duration of 1,826 calendar days [6]. 3. New Wenzhou to Fuzhou High-Speed Railway (Zhejiang Section), with a contract value of 11.551 billion yuan and a duration of 1,826 calendar days [6]. 4. Guiyang-Guangxi Railway (Guizhou Section) double-track line project, with a contract value of 2.615 billion yuan and a duration of 1,460 calendar days [6]. 5. Guiyang-Guangxi Railway double-track line project (Nanning section), with a contract value of 8.236 billion yuan and a duration of 1,460 calendar days [6]. 6. New Shanghai to Nanjing to Hefei High-Speed Railway (Huning Section), with a contract value of 1.728 billion yuan and a duration of 744 calendar days [7]. 7. Comprehensive upgrade of Jinan Zhangqiao Scenic Area, with a contract value of 2.440 billion yuan and a duration of 780 calendar days [7]. 8. G12 Hunchun to Ulanhot Highway and G1131 Mudanjiang to Yanji Highway construction, with a contract value of 4.939 billion yuan and a duration of 1,460 calendar days [7]. Company Background - CRCC, established from the People's Liberation Army Railway Corps, is a state-owned enterprise managed by the State-owned Assets Supervision and Administration Commission. It was listed in Shanghai and Hong Kong in 2008, with a registered capital of 13.58 billion yuan [9]. - The company is recognized as one of the largest and most powerful comprehensive construction groups globally, ranking 51st in the 2025 Fortune Global 500 list and has been in the list for 19 consecutive years [9]. - CRCC's business spans engineering contracting, planning and design consulting, investment operations, real estate development, industrial manufacturing, logistics, green environmental protection, and emerging industries, operating in over 140 countries and regions [9]. Financial Performance - For the first three quarters, CRCC reported a revenue of 728.403 billion yuan, a year-on-year decrease of 3.92%. The net profit attributable to shareholders was 14.811 billion yuan, down 5.63% year-on-year [9][10]. - The company's basic earnings per share were 0.26 yuan, reflecting a decrease of 5.88% compared to the previous year [10].

Core Viewpoint - China Railway Construction Corporation (CRCC) has recently won bids for eight major projects, with a total project value of 49.629 billion yuan, accounting for 4.65% of the company's audited revenue for the fiscal year 2024 [2][6]. Project Summary - CRCC has secured eight significant projects, each valued over 1.5 billion yuan, with the total project amount reaching 49.629 billion yuan [2][6]. - The projects include: 1. New Hefei to Chizhou Railway Station Front Project - 6.684 billion yuan [6] 2. New Wenzhou to Fuzhou High-Speed Railway (Fujian Section) - 11.436 billion yuan [6] 3. New Wenzhou to Fuzhou High-Speed Railway (Zhejiang Section) - 11.551 billion yuan [6] 4. Qian-Gui Railway Guizhou Section - 2.615 billion yuan [6] 5. Qian-Gui Railway Additional Line (Nanning Section) - 8.236 billion yuan [6] 6. New Shanghai to Nanjing to Hefei High-Speed Railway - 1.728 billion yuan [7] 7. Jinan Zhangqiao Scenic Area Comprehensive Upgrade Project - 2.440 billion yuan [7] 8. G12 and G1131 High-Speed Rail Construction - 4.939 billion yuan [7]. Financial Performance - For the first three quarters, CRCC reported a revenue of 728.403 billion yuan, a year-on-year decrease of 3.92% [10][11]. - The net profit attributable to shareholders was 14.811 billion yuan, down 5.63% compared to the previous year [10][11].

Core Viewpoint - The company, Beixin Road and Bridge (002307), emphasizes its capability to undertake various infrastructure construction projects as a large state-owned construction listed company, with a strategic focus on domestic and international market expansion and optimization of overseas operations [1] Group 1: Company Strategy - The company adopts a development strategy of "deepening within the region, expanding outside the region, and optimizing overseas" to establish a multi-point market layout domestically and internationally [1] - The company engages in a diverse range of project types, primarily focusing on traditional construction sectors such as highways and municipal projects, while also venturing into new infrastructure sectors [1] Group 2: Project Execution - The main projects undertaken by the company include highway engineering (various grades of highways, tunnels, and major bridges), municipal engineering (municipal roads and subways), railway engineering, and building construction [1] - The company possesses a large number of experienced technical personnel and construction teams, enabling it to organize and complete various types of construction projects effectively [1] Group 3: Competitive Advantage - The company enhances its core competitiveness in undertaking engineering projects by employing appropriate construction techniques and management measures tailored to different construction environments [1] - The company actively participates in infrastructure projects in Xinjiang, leveraging its construction advantages in the field and responding to national policy guidance [1] Group 4: Future Outlook - The company aims to combine regional advantages with industry development trends, actively participating in projects that align with its development strategy, thereby contributing to the high-quality development of Xinjiang [1]

Core Viewpoint - China Railway Group (601390.SH, 00390.HK) demonstrates stable operations with significant recent contract wins totaling approximately 502.15 billion yuan, representing 4.34% of the company's projected 2024 revenue [1][2]. Group 1: Recent Contract Wins - The company recently secured multiple major engineering projects across railway, highway, and municipal sectors, with a total bid amount of approximately 502.15 billion yuan [2]. - Railway projects accounted for 94.79% of the total bid amount, with significant contracts including the new Changsha to Ganzhou high-speed railway [2]. - Subsidiaries also performed well, with notable contracts such as the Shenzhen Airport South Base Phase I project worth 1.301 billion yuan and the Beijing to Tianjin Binhai New Area Railway station project worth 1.268 billion yuan [2]. Group 2: Financial Performance - In the first half of 2025, the company achieved new contract signings of 1.10869 trillion yuan, a year-on-year increase of 2.8% [3]. - The construction business remains dominant, with new contracts totaling 739.24 billion yuan, despite a slight decline of 5.3% due to industry conditions [3]. - The asset management business saw a significant increase of 425%, with new contracts amounting to 128.69 billion yuan, indicating a trend of diversified business growth [3]. Group 3: Research and Development - The company has maintained high levels of R&D investment, averaging approximately 28.2 billion yuan annually over the past three years, contributing to its technological advantages in key areas such as high-speed rail and large-span bridges [4][5]. - Cumulatively, R&D investment since 2020 has reached approximately 139.368 billion yuan, resulting in 132 national science and technology awards and 46,592 valid patents [5]. - The company's total assets reached 2.38 trillion yuan as of June 30, 2025, marking an 18.41% year-on-year increase, supporting its business development [5].

Core Viewpoint - China Railway has recently won multiple significant projects, including railway, highway, and municipal engineering, with a total bid amount of approximately 50.215 billion yuan, representing about 4.34% of the company's projected revenue for 2024 [1] Group 1: Project Details - The total bid amount for the recent projects is approximately 50.215 billion yuan [1] - The projects involve various units such as China Railway First Bureau, China Railway Second Bureau, and China Railway Third Bureau [1] - The duration of the projects ranges from 841 calendar days to 1826 calendar days [1]